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L2 tokens soar as the price of Optimism (OP) and the price of Axelar (AXL) rise! Eyes pumped to 30% this week?
The cryptocurrency industry continues to show increased price volatility with mid- and small-cap altcoins experiencing the highest price fluctuations, highlighting an increase in buying and selling pressure for these tokens within the crypto space.
Furthermore, Layer-2 projects have seen a significant uptrend in their respective portfolios in recent days, indicating growing investor interest in them.
OP price suggests bearish influence despite the price pump:
THE Price optimism it regained momentum after settling near its crucial support level at $2.025. He consistently makes higher highs, indicating a growing bullish influence for the altcoin in the cryptocurrency sector.
Furthermore, the OP token has gained 11.20% in the past day and 13.53% in the past week, highlighting a positive outlook for the Optimism token in the coming times.
Trading View:OP/USDT
However, the EMA Cross acts as a resistance on the price chart and also indicates a high possibility of a Death Cross in the 1D time frame, highlighting a potential bearish reversal in the crypto space.
The Relative Strength Index (RSI) showed a bearish curve after crossing its midpoint, indicating bearish sentiment in the cryptocurrency market. Furthermore, the averages show a bullish increase, suggesting uncertainty in future price action for the OP Token.
If the market sustains the price above the $2.525 support level, the bulls will prepare to test its $3.155 resistance level by next weekend. On the contrary, if the market undergoes a bearish reversal on the chart, the OP price will collapse and test its $2.525 support level this week.
Axelar price breaks above its resistance level:
AXL price added around 15% in terms of valuation over the past day, making this token successfully enter the list of top 100 cryptocurrencies by market capitalization. Furthermore, it also took the first place in the last 24 hours among the top 100 tokens.
Trading View:AXL/USDT
The technical indicator, RSI, shows a massive uptrend on its chart over the 4H time frame, indicating a significant increase in buying-selling pressure within the cryptocurrency sector. Furthermore, the averages show a rising pattern, suggesting that the price will continue to gain value in the coming times.
If AXL price continues to trade with bullish sentiment, it will prepare to test its upper resistance level of $1.4480 during the next week. However, if the bears prevail over the bulls, the Axelar token would plummet towards the $1 low by next weekend.